Lawful money vs legal tender

Added: Jeffery Chaffins - Date: 18.01.2022 20:20 - Views: 35138 - Clicks: 9031

Gogos made this Freedom of Information request to Bank of England This request has been closed to new correspondence from the public body. if you think it ought be re-opened. Try opening the logs in a new window. The FoI Act provides a general right of access to recorded information held by a public authority. Lawful money vs legal tender does not require a public authority to answer general questions on a subject as is the case in this instance.

As such, we have taken forward your enquiry as a general enquiry, and not under the FoI Act. I have provided an answer to some of your questions below. For those the Bank Lawful money vs legal tender unable to answer, I have tried to point you in the relevant direction. Lawful money appears to be a phrase used in the United States. It would appear that in the UK, we do not use this phrase. For more information, please see:. The Bank of England does not provide definitions. However, this is a common name for the medium of exchange people use to buy goods and services.

This is a subjective question for which you can make your own opinion, based on the answer to question 4. As ly mentioned in question 4, it is not the role of the Bank of England to define what instruments are. Promissory notes are defined in Section 4 of Negotiable Instrument Act, A banknote would be considered a promissory note.

You may be interested to know that the Bank of England has the monopoly of note issuance in England and Wales in accordance with the Bank Charter Act The Bank also regulates the issuance of banknotes in Scotland and Northern Ireland under Part 6 of the Banking Act which established a new regulatory framework for banknotes issued by certain authorised banks in Scotland and Northern Ireland. However you may find this definition found online of some use:. Negotiable instruments are defined by the Negotiable Instrument Act, As ly mentioned in question 4, it is not the role of the Bank of England to provide definitions.

However you may find this guide found online of some use:. Currencies are typically forms of money mediums of exchange which circulate in countries. In the United Kingdom, the currency is pound sterling. Other countries have different currencies. Physical currency is credit to the holder, and a debt against the issuer. For any specific situations, this would be a matter of law. I would therefore recommend seeking legal advice. When youthe Bank of England collects information about you. This includes your name, contact details and anything you choose to disclose in your correspondence.

We use your personal data to manage correspondence and where applicable to respond to you. Our basis to process this data is that it is necessary for the performance of a task carried out in the public interest or in the exercise of official authority of the Bank. We will keep your personal data for 10 years. You can request that we no longer use your personal data, by contacting us via the website link below. Please note, a copy of all incoming correspondence and enclosures where practicable will be filed electronically in the Bank of England's record management system in accordance with its standard record management policy and statutory obligations.

If you become aware of any copyright work that you consider should not be filed in this way, please let us know and we will review whether it may be excluded from electronic filing. Help us protect your right to hold public authorities to. Donate and support our work. Bank of England.

Prudential Regulation Authority. More similar requests. Are you the owner of any commercial copyright on this ? A site to help anyone submit a Freedom of Information request. WhatDoTheyKnow also publishes and archives requests and responses, building a massive archive of information. Run by Volunteers and powered by Alaveteli. Built by mySociety. We provide commercial services through our wholly owned subsidiary SocietyWorks Ltd Menu Close. English Cymraeg. Search Submit Search. Lawful Money and Legal Tender Gogos made this Freedom of Information request to Bank of England This request has been closed to new correspondence from the public body.

The request was successful. Gogos 7 October Delivered. Dear Bank of England, We will be grateful if you would kindly confirm: 1. What is Lawful Money; and is Lawful Money available today? What is Legal Tender? Is it possible to convert Legal Tender into Lawful Money today?

Thank you. Yours faithfully, Gogos. Link to this Report. Enquiries, Bank of England 16 October We work to defend the right to FOI for everyone Help us protect your right to hold public authorities to. Donate Now. Act on what you've learnt Tweet this request. Share on Facebook. Write about this on Medium. Write to your politician. Requests like this It has come to me and my associates attention that Banks and Building Societies are all operating within their own guidelines and ignoring Government policies and regulations.

Promissary note Prudential Regulation Authority. Negotiable Instruments. Letters of Credit Bank of England. Cash and Money Bank of England. Currency Bank of England. Credit and Debit Bank of England. Dedicated to Chris Lightfoot. Make a request Browse requests View authorities Journalist? Your donations keep this site and others like it running Donate now.

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Lawful money vs legal tender

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